Goldcoast School of Real Estate Final Exam
Questions With Verified Answers.
Involuntarily Inactive - answer✔When the licensee fails to complete the required continuing
education and thereby cannot renew their license.
Multiple Licenses - answer✔Under certain situations, licensees can have more than one license;
A Multiple license can exist if a broker has business of such a nature that more than one broker's
license is needed for legitimate business purposes and not be harmful to the public. A broker can
have multiple brokers' licenses if he manages more than one brokerage firm. A broker can not be
licensed as either a sales associate or a broker sales associate at the same time he holds a broker's
license.
Transaction Brokerage - answer✔Non-agency (neutral) representation whereby the Broker (or
via his salespersons) does not represent the parties, but serves as a "facilitator", making required
disclosures and giving required notices, as well as seeing to all necessary contracts and
paperwork needed to prepare for closing. The broker does not advocate or advise the parties as to
offers. Anything in which the broker has "actual knowledge" or "notice" of is his duty to the
client.
Presenting Offers - answer✔A broker cannot accept or reject an offer on behalf of his or her
employer.
Listing Contract - answer✔An employment agreement between an owner and broker defining
the duties and rights of both parties. (Unilateral contract)
Referral Fees - answer✔Members and candidates must disclose to employers and to affected
clients, before entering into any formal agreement for services, any benefits received for the
recommendation of services provided by the member.
Branch Office - answer✔closed and later reopened in the same location during the same two-
year period, may reissue a license. If moved, new application for registration and payment of
proper fee are required.
Broker Advertising - answer✔1. no 'blind advertising', must state that it has been placed by a
broker or brokerage firm, not the principal
2. a provisional broker cannot advertise without obtaining the permission of the BIC
3. broker cannot advertise or display a for sale or for rent sign without consent of the owner that
should be given in writing in the listing contract
Personal Transactions - answer✔Brokers, sale associates and broker associates are entitled to
deal in real property for personal benefit.
Licensees must make clear that they are dealing on their own account and not acting on behalf of
others. Disclosure must take place prior to entering into serious negotiations. The licensee should
also ensure that this disclosure is in writing in the (purchase and sale contract).
Post Dated Check - answer✔promissory notes that can be accepted as earnest money deposits
with seller's approval.
Escrow Deposit Rules - answer✔May be held in commercial bank, title company, credit union,
savings and loan association located in Florida.
Litigation - answer✔the process of taking legal action
Escrow Disbursement Acceptions - answer✔when sales contract is subject to financing, and
broker is acting as escrow agent, broker may refund the buyer without notification to the
Commission.
General Partnership - answer✔partnership in which partners share equally in both responsibility
and liability
Register For Brokerage - answer✔Sole Proprietorship, Corporation for profit, not-for-profit
corporation, Limited liability corporation, General partnership, limited partnership, limited
liability partnership
Misrepresentation - answer✔A false statement or lie that can render the contract void.
Culpable negligence - answer✔consciously doing an act that the person knew or should have
known was likely to cause death or great bodily injury
Recovery Fund - answer✔Reserve of funds collected from real estate license fees to pay for
losses to clients legally judged to have been caused by a licensed salesperson or broker. The
existence of such funds varies from state to state.
Steering - answer✔The channeling of prospective home purchasers or renters, by real estate
brokers or salespersons, into racially homogeneous neighborhoods, and actively discouraging
them away from neighborhoods of different racial or ethnic composition.
Landlord security deposits - answer✔Has 15 days to return the security deposits including
accrued interest, if no intentions on making a claim for damages.
National do not call list - answer✔Gives exemptions to political candidates, charities,
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